Daily Banking Industry News
Tuesday 30th of June 2009

Banking Sectors:

By company:

By organisation:

Also see:

June 8, 2009

Bleak forecast for job losses in Scottish financial sector

by Gill Montia

Story link: Bleak forecast for job losses in Scottish financial sector

Ernst & Young’s Scottish Item Club has warned that Scotland’s economy will be hard hit by further job losses in the financial services sector.

In its recently released summer update, the economic forecasting unit says it expects unemployment in the region to peak at 230,000 in 2010 with the economy returning to grow at 1.7% in 2011, after a year of stagnation.

According to Scottish Item Club economic adviser, Dougie Adams, significant job losses are yet to come.

The merger of Lloyds TSB and HBOS alone has already been responsible for major job losses in Edinburgh.

Lloyds banking group recently announced that 625 posts would go in connection with the restructure of its wholesale banking division, with the job losses split between Edinburgh and London.

In addition, Royal Bank of Scotland announced in April that it is to shed another 9,000 jobs, half of them in the UK.

According to a report in The Scotsman, Edinburgh’s financial sector saw over 3,000 jobs either lost or put at risk of redundancy in the four months to the end of May.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: Bleak forecast for job losses in Scottish financial sector

London Scottish posts £15.7m loss as bad debts hit £32.3m  ...

CBI predicts 15,000 financial sector job losses in Q2  ...

MP takes action on Scottish bank notes  ...

Banks face losses as commercial property stocks fall  ...

Scottish Bank Notes Should Be Accepted, Says Browne  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Iceland agrees repayment of Icesave compensation
Next: Barclays confirms BlackRock talks over BGI sale »

Visited 322 times, 4 so far today


Savings & Investment News




Financial Reports News